8-K/ALeadership Changes

QUALCOMM INC/DE 8-K/A Report, Executive Changes (Apr 11, 2019)

Filed April 11, 2019For Securities:QCOM

Summary

This 8-K/A filing from QUALCOMM INC/DE (QCOM) amends a previous report concerning the CFO transition. The primary focus of this amendment is to disclose additional compensation provided to David E. Wise for his role as interim Chief Financial Officer. This compensation includes a significant monthly salary increase and a restricted stock unit grant, demonstrating the company's commitment to retaining Mr. Wise during this critical period. Investors should note that Mr. Wise, who had previously intended to retire, has extended his tenure to facilitate a smooth transition. The company has also arranged for post-retirement consulting services from Mr. Wise, indicating his continued value and the importance of his expertise during the CFO succession process. This compensation package reflects the company's efforts to ensure stability and continuity in its financial leadership.

Key Highlights

  • 1Disclosure of additional compensation for interim CFO David E. Wise.
  • 2Mr. Wise will receive an extra $150,000 per month while serving as interim CFO.
  • 3A restricted stock unit grant valued at $550,000, vesting on July 5, 2019, was awarded to Mr. Wise.
  • 4The restricted stock unit grant includes acceleration clauses for involuntary termination without cause, death, or disability.
  • 5Mr. Wise has extended his employment beyond his initial retirement intentions.
  • 6A consulting agreement will provide Mr. Wise $100,000 per month for four months post-retirement for advisory services.
  • 7The consulting agreement is for Mr. Wise's availability, not to exceed two days per month, to assist with CFO transition.

Frequently Asked Questions

Mr. Wise will receive an additional $150,000 per month for his service as interim Chief Financial Officer. He also received a restricted stock unit grant for 9,485 shares, with a grant date fair value of $550,000, vesting on July 5, 2019.

Yes, although Mr. Wise had planned to retire, he has agreed to extend his employment. Following his interim role, he will be paid $100,000 per month for four months under a consulting agreement to provide advisory services and assist with the transition of the new Chief Financial Officer.

The restricted stock unit grant for 9,485 shares will vest on July 5, 2019. Vesting is subject to acceleration in the event of involuntary termination without cause, death, or disability.